Joint Venture with Saudi Arabian Mining Company (Ma'aden)
Ma'aden and Ivanhoe Electric formed the 50/50 joint venture to explore for copper, gold, silver and other electric metals over ~48,500 km2 of underexplored Arabian Shield.
Exploration activities are focused on the Al Amar exploration licenses around Ma’aden’s Al Amar Mine, with future exploration planned for Wadi Bidah and Bir Umq Belts.
Ivanhoe Electric is the operator during the exploration phase. Ma'aden will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development.
Summary
In July of 2023, Ivanhoe Electric and Saudi Arabian Mining Company (Ma'aden) formed a 50/50 exploration joint venture to explore for copper, gold, silver, and other electric metals on ~48,500 km2 of underexplored land on the Arabian Shield in Saudi Arabia. Ivanhoe Electric is the operator of the Joint Venture during the exploration phase and Ma'aden will become operator for the development of any economically viable deposits found and specifically designated by the Joint Venture.
The Joint Venture is deploying Typhoon™, Ivanhoe Electric's proprietary and powerful geophysical surveying system, in the largest exploration program ever conducted using the technology. Typhoon™ can detect the presence of sulfide minerals containing copper, nickel, gold and silver. More information on Typhoon™ can be found on our Typhoon™ webpage. The Joint Venture's Technical Committee will focus initial exploration activities on three exploration license areas: the Al Amar Belt (initially around Ma'aden's existing Al Amar Mine), and the Wadi Bidah and Bir Umq Belts.
The Joint Venture was funded with its initial working capital of approximately $66 million from Ma’aden’s initial $127.1 million investment into Ivanhoe Electric common stock, when it became a 9.9% shareholder in Ivanhoe Electric and subsequently exercised its top-up right in October 2023, investing an additional $20.4 million.
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Map of Exploration Lands
Map of 48,500 km2 of exploration land available to the joint venture.
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Umm Ad Dabah Drilling
DRILL HOLE STATUS DEPTH (m) AZIMUTH (°) DIP (°) EASTING NORTHING ELEVATION UAD-001
Completed
282
90
-50
2635727
508711
941.98
UAD-002
Completed
231
270
-80
2635726
508711
941.98
UAD-003
Completed
596.9
300
-73
2635225
508852
938
UAD-004
Completed
777.9
270
-75
2635732
509055
946
UAD-005
Completed
887
289
-65
2634723
508528
933.9
UAD-006
Completed
1070.6
110
-60
2634934
508066
977
UAD-007
Completed
760
289
-65
2634994
508604
935
UAD-008
Completed
884.15
289
-65
2634503
508473
936
Total meters
5489.55
Gallery
